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US President Donald Trump's tariffs shock could lead to as many as 50,000 direct and indirect job losses, primarily affecting Penang, Johor, and the Klang Valley, while also causing wage growth to stagnate, according to the Malaysian International Chamber of Commerce and Industry (MICCI).
Its president Christina Tee said the key risk sectors include electronics, gloves, and automotive parts, where export-linked production volumes may contract significantly, particularly impacting small and medi
Senator Ted Cruz, an ardent Trump supporter, has questioned the tariff policy, calling it a tax on U.S. consumers and “super risky.” Another strong supporter, Senator Rand Paul, warned that the tariffs are not only financial suicide but also political suicide. Paul warned that “when McKinley put tariffs on in 1890, they lost 50 percent of their seats… When Smoot-Hawley put their tariffs in the early 1930s, we lost the House and Senate for 60 years.”
Economist Peter Schiff warned on Thursday that Nike Inc. (NYSE:NKE) won’t shift production to the United States despite newly imposed tariffs, predicting higher prices and reduced domestic sales for the footwear giant.
What Happened: “Nike won’t build factories in the U.S. to make sneakers. That would add more cost than the 40% tariffs,” Schiff wrote on X. “The result will be fewer sneakers sold in the U.S. at much higher prices.”
European Union firms will try to export goods via Northern Ireland in an attempt to get a reduced tariff rate when exporting to the US, a Nobel prize winning economist has suggested.
US President Donald Trump has imposed a 10% tariff on UK goods but a 20% tariff on EU goods.
Northern Ireland is part of UK customs territory but also has an open trade border with the Republic of Ireland, which is in the EU.